Article 1 Definitions

For the purposes of this Regulation:

1. 1..

   ‘participating Member State’ shall mean a Member State which has adopted the single currency in accordance with the Treaty;

2. 2..

   ‘national central bank’ shall mean the central bank of a participating Member State;

3. 3..

   ‘undertakings’ shall mean those natural or legal persons, private or public, with the exception of public persons in the exercise of their public powers, in a participating Member State, which are the subject of obligations arising from ECB regulations and decisions, and shall include branches or other permanent establishments located in a participating Member State, the head office or registered office of which is outside a participating Member State;

4. 4..

   ‘infringement’ shall mean any failure by an undertaking to fulfil an obligation arising from ECB regulations or decisions;

5. 5..

   ‘fine’ shall mean a single amount of money which an undertaking is obliged to pay as a sanction;

6. 6..

   F1‘ periodic penalty payments ’ shall mean amounts of money which, in the case of a continued infringement, an undertaking is obliged to pay either as a punishment, or with a view to forcing the persons concerned to comply with the ECB supervisory regulations and decisions. Periodic penalty payments shall be calculated for each complete day of continued infringement:

   1. (a)

      following notification of the undertaking of a decision requiring the termination of such an infringement in accordance with the procedure laid down in the second subparagraph of Article 3(1); or

   2. (b)

      when the continued infringement falls under the scope of Article 18(7) of Council Regulation (EU) No 1024/2013 ^f1 in accordance with the procedure laid down in Article 4b of this Regulation;

7. 7..

   ‘ sanctions ’ shall mean fines and periodic penalty payments.